Shane Westlake, Technical Director, said: “Having teams in different time zones has allowed us to work rolling shifts for many months to complete this project in record time. The results are excellent, and the data adds significant value to the project in many ways as well as supporting various ongoing activities in the PSC. Chief amongst these are our plans to accelerate first oil from Kuda Tasi and Jahal.
“Interpretation of the new data has already commenced and will proceed with the same sense of urgency and purpose. I wish to thank EIF and members of Finder’s technical team who ensured this project was delivered successfully on an aggressive schedule.”
The Ikan 3D seismic survey was originally acquired in 2005 and has not undergone any reprocessing since 2012. Moreover, the data over Kuda Tasi was last reprocessed back in 2008. The entire Ikan 3D data set has now been reprocessed with a modern, high-end flow by EIF Geosolutions utilizing DUG McCloud technology.
Interpretation of the Ikan 3D reprocessed data has commenced, focusing on the Kuda Tasi and Jahal development area (combined 22 MMbbl1 Gross 2C Contingent Resources). These interpretations will be utilized in our static and dynamic reservoir models for Kuda Tasi and Jahal, as well as to determine the location of development wells and confirm independent resource assessment and economics. All of this work is on the critical path to preparing the Field Development Plan and achieving FID.
Whilst initial interpretation work will prioritize Kuda Tasi and Jahal as part of our strategic plan to accelerate First Oil, the focus will then shift to the evaluation of upside opportunities within the PSC, including interpretation and re-evaluation of the Krill and Squilla oil discoveries and various exploration targets (which have a combined potential of 116 MMbbl1,2 Gross Mean Prospective Resources).
The reprocessed data has a far superior signal-to-noise ratio, especially within the primary targets of the Laminaria and Plover Formations. Imaging challenges beneath the complex shallow faulting have been resolved, and faults are now well-imaged and accurately positioned. Underneath the seabed reefs, where we have discoveries and prospects such as Krill, there has been a step change in imaging.
The project consistently delivered results above expectation throughout the testing phase and with growing confidence in the data Finder extended the project by 6 weeks during the velocity model building phase to push the processing algorithms to their limit and increase the accuracy of the seismic to well ties. This additional work adds confidence in the final interpretation and will accelerate the forward timeline.
Imaging of fault planes on the new data is excellent. For the first time within the PSC exploration life cycle, the geoscientist will have high confidence mapping fault planes from the overburden, through the seal and into the reservoir. The learnings from this will feed into the de-risking of the remaining prospects on the permit where trap breach and ultimately hydrocarbon retention remains the critical risk of the exploration play.
Completing the Ikan reprocessing project is a major step forward. The new data feeds into several ongoing workstreams as well as our plans to secure a partner and funding for the Kuda Tasi and Jahal development project and accelerates the timeline to First Oil.
